With a 0.9 percent increase over the past day, the LME steel billet cash price was the biggest mover MetalMiner’s steel price index, closing at $338.00 per metric ton on Oct. 5, 2012. The LME steel billet 3-month price gained 0.9 percent to finish at $348.00 per metric ton.
Meanwhile, Shanghai steel rebar futures spiked up 2 percent on Monday following Chinese steel traders’ return to work after a national Chinese holiday, according to Reuters.
Steel price increases in China suggest “prices of raw material iron ore are likely to rebound this week, with Chinese mills also expected to return to the spot market to replenish stocks,” Reuters reported.
“The World Bank cut its economic growth forecasts for the East Asia and Pacific region and said there was a risk the slowdown in China, the world’s No. 2 economy, could get worse and last longer than expected,” the report continued.
Other Chinese steel and raw materials input prices on the MetalMiner IndX℠ were flat for the day.
The high and low prices of iron ore 58% fines from India remained in a very tight range on Oct. 8, 2012. The price of Chinese HRC was unchanged, and the price of Chinese coking coal saw essentially no change for the fifth day in a row.
The 3-month price of the US HRC futures contract on the CME held steady around $630.00 per short ton. The spot price of the US HRC futures contract has been on the decline for 7 days and is now at $598.00 per short ton.